On Tuesday, Cell C reported a net loss of R645 million, an improvement of 33% compared to R968 million in the previous year. Foreign exchange and financial instrument exposure contributed to the net loss, the company said.

This negatively impacted Blue Label shares, which are already battered.

The company’s shares have already lost 36.6% in the past 90 days and tanked 44% in the year to date.

Tomorrow, Blue Label will publish its full-year results to 31 May 2018 and if its figures are bad the company’s share price might tank further.

The magazine reported that Blue Label’s stock market woes are evidently worrying backers and Marke Levy, the company’s joint CEO, told Financial Mail that “many shareholders are calling the company to ask what is going on.

“There’s a rumour mill that somehow generates its own momentum and …a lot of the rumours…are so absurd that it’s bizarre,” he told the magazine.